Paul Jr. Designs Forces Orange County Choppers Foreclosure?
Posted by Tim Smith on January 25, 2011 at 9:30 am 1 Comment
Orange County Choppers foreclosure trends as people want to know if OCC is shutting down.Orange County Choppers (OCC) foreclosure is trending after last night’s new episode of American Chopper: Senior vs. Junior aired. It turns out that at the end of the episode, they air previews for next week which shows a rather disheartening headline. Paul Teutul Sr. and his Orange County Choppers have filed for foreclosure.
Now when I saw the previews I didn’t believe the Orange County Choppers foreclosure was real. I did some investigating and it turns out that starting in last July, OCC missed numerous mortgage payments on their HQ in New York. Upon further digging, I learned that Paul Teutul Sr. and OCC are not going bankrupt at all, nor is Paul Jr. Designs and Paul Teutul Jr. the reasoning behind the foreclosure.
While this is not confirmed by OCC yet, it turns out that they didn’t pay the mortgage payments because they were trying to work out a deal with the lender. It turns out that when the building was made back in 2007 it was worth
Orange County Choppers (OCC) foreclosure is trending after last night’s new episode of American Chopper: Senior vs. Junior aired. It turns out that at the end of the episode, they air previews for next week which shows a rather disheartening headline. Paul Teutul Sr. and his Orange County Choppers have filed for foreclosure.
Now when I saw the previews I didn’t believe the Orange County Choppers foreclosure was real. I did some investigating and it turns out that starting in last July, OCC missed numerous mortgage payments on their HQ in New York. Upon further digging, I learned that Paul Teutul Sr. and OCC are not going bankrupt at all, nor is Paul Jr. Designs and Paul Teutul Jr. the reasoning behind the foreclosure.
While this is not confirmed by OCC yet, it turns out that they didn’t pay the mortgage payments because they were trying to work out a deal with the lender. It turns out that when the building was made back in 2007 it was worth about $12-$13 million and now, since the economic decline it’s only worth about $7-$8 million.
There you have it for all you American Chopper fans; it looks like this was just Orange County Choppers trying to get their mortgage payment lowered. OCC is not going bankrupt and as far as I know they have not missed any more payment since the initial ones back in July of last year. If we find out any more information we will be sure to let you know.
American Chopper: Senior Vs. Junior will air a brand new episode next Monday night at 10|9c on Discovery Channel.
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